Crypto Market Crashes as Bitcoin, Ethereum, Dogecoin Prices Plummet
The prices of Bitcoin, Ethereum, and Dogecoin have experienced significant declines due to escalating trade tensions between the U.S. and China.
- Price Declines: Bitcoin fell to $104,000, Ethereum to $3,400, and Dogecoin to $0.11 in the last 24 hours.
- Cause: The drop followed U.S. President Trump's announcement of a 100% tariff on China starting November 1, along with export controls on crucial software.
- Previous Threats: Trump's earlier threats of increased tariffs had already caused Bitcoin to drop below $120,000.
- Market Impact: The crash led to the largest liquidation event in crypto history, with $20 billion wiped out, surpassing previous events like the COVID-19 and FTX crashes.
- Exchanges' Role: Arthur Hayes suggested that auto liquidation by major exchanges contributed to the downturn, while Kevin Capital noted issues at major exchanges prevented buying at low levels.
